[The following information applies to the questions displayed below.] Most Company has an opportunity to invest in one of two new projects. Project Y requires a $310,000 investment for new machinery with a six-year life and no salvage value. Project Z requires a $310,000 investment for new machinery with a five-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1, FV of $1, PVA of $1, and FVA of $1 ) (Use appropriate factor(s) from the tables provided.) Project Y Project Z Direct labor Sales Expenses Direct materials Overhead including depreciation $395,000 $316,000 55,300 39,500 79,000 47,400 142,200 142,200 Selling and administrative expenses 28,000 28,000 Total expenses 304,500 257,100 Pretax income 90,500 58,900 Income taxes (36%) 32,580 21,204 Net income $ 57,920 $ 37,696 Required: 1. Compute each project's annual expected net cash flows. Project Y Project Z